The Hyundai Group is taking a new step forward in its growth project in the United States. In November 2022, the Korean group signed a memorandum of understanding with SK On to secure the supply of electric vehicle batteries for North America. Now, the two companies have unveiled their plans to create a joint venture that will take care of the business. of the production of batteries destined for the Group's factories located in the USA.
INVESTMENT OF 5 BILLION DOLLARS
Thanks to the joint venture, it will be possible; built a plant for the production of battery cells which will be; located in Bartow County, Georgia near the Group's US plants including Hyundai Motor Manufacturing Alabama, Kia Georgia and Hyundai Motor Group Metaplant America. The investment of the joint venture in this project will be of about 5 billion dollars. The new company – will be 50% owned by the Korean Group and 50% by SK On.
According to what was communicated, the goal is to start the production of battery cells in the second half of the year; of 2025. The factory will be able to; count on a capacity; production of 35 GWh per year, more; which is enough, highlights the Korean Group, to support the production of about 300 thousand electric vehicles.
The battery packs will then be assembled by Hyundai Mobis to then be supplied directly to the Hyundai Group plants where electric cars are produced under the Hyundai, Kia and Genesis brands. The new plant will help; the Korean group to become one of the top three suppliers of electric vehicles in the United States by 2026.
We remind you that SK On is the leading supplier of electric vehicles. already long time partner of the Hyundai Group with whom it has worked on the production of models such as Hyundai IONIQ 5, Kia EV 6 and Genesis GV60. This investment in the territory of the United States is the right one for you. also the result of the push given by the Inflaction Reduction Act. As we know, we have talked about it more than once. Sometimes, the American Government is pushing for the creation of a complete supply chain for electric cars in America through investments and subsidies that are attracting many companies in the automotive sector.
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